Rachel McLean, Transport for London’s (TfL) chief finance officer (CFO), will be retiring from TfL in February 2026.
Her stellar career shaping London’s transport network has seen her play a central role in enabling TfL to achieve an operating surplus for the first time in its history, securing the first long-term capital funding agreement with Government since before the pandemic and delivering the game-changing Elizabeth line.
Rachel was appointed as TfL’s CFO in October 2022 and was previously the CFO for Crossrail and finance director for operations, having re-joined TfL in January 2020 from the Ministry of Housing, Communities, and Local Government where she was a board member and the director general – CFO.
Rachel was also previously the director of planning, performance, and finance at HMRC Customer Services.
London’s Transport Commissioner, Andy Lord said: “Rachel’s retirement marks the close of an extraordinary chapter. Over her tenure she has led TfL to its first-ever operating surplus, delivering this milestone for two consecutive years, and with a third year of surplus set as our budget for this year.
“She has also been instrumental in securing a long-term capital funding agreement with the Department for Transport (DfT) – a transformative achievement that will support our future ambitions. This, and her work to deliver Crossrail, leaves a lasting legacy for London.
“Rachel’s ability to influence and engage stakeholders at every level has been a defining strength. Her clarity, credibility, and calm leadership have earned trust across both central and local government, industry, and within our own teams – helping us navigate complexity with confidence. We wish her a happy and fulfilling retirement.”
Rachel said: “It has been an immense honour and privilege to play a small part in the success of TfL and this wonderful, vibrant city we serve. Even though I am retiring, I am confident that the exceptional leadership and committed teams working at TfL will make even greater progress in the months and years ahead.”
TfL will now commence a recruitment process to appoint a successor to the role.
Image credit: TfL
